Residential Tenancy Act proclaimed
The Residential Tenancy Act that was passed in the Fall 2022 sitting of the Legislative Assembly received proclamation and is now enacted.
Key changes that will come into effect include:
- Maintaining the annual allowable rent increase at 0% until December 31, 2023.
- A cap of three percent on annual allowable rent increases after December 31, 2023, is now in effect.
- A cap of three percent on greater than allowable rent increases is in effect for applications that are filed as of April 8, 2023.
- Compensation for tenants asked to move for renovations, demolitions, and the landlord’s use of the property is now in effect. Reasonable moving expenses are the lesser of the actual expenses of the move or one month’s rent.
Applications for greater than allowable increases submitted prior to April 8, 2023 will be assessed by the Director of Residential Tenancy based on the Rental of Residential Property Act. Any application for a greater than allowable increase made after April 8, 2023 will be assessed by the Director of Residential Tenancy based on the current Residential Tenancy Act. In February 2023, regulations to the Rental of Residential Property Act were streamlined to assist in transitioning to the Residential Tenancy Act. The changes to the regulations included removal of principal payments as an allowable operating expense in the calculation of a return on investment.
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Social Development and Housing